Eni starts new oil field in Alaska, total investment $1.45 bln

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MILAN (MarketWatch) -- Eni SpA
E, -1.29%
said Thursday it started the development of a new off-shore oil field in Alaska, for a total investment of $1.45 billion.

In a statement, Eni said the oil field is located offshore in the North Slope of Alaska at an average water depth of 3 meters.

Eni owns the 100% working interest in the field, having obtained a 30% stake in it through the aquisition of Armstrong Oil & Gas' Alaskan assets and the remaining 70% from Andarko in the first quarter of 2007.

Nikaitchuq, which will be the first development project operated by Eni in Alaska, has recoverable reserves estimated at approximately 180 million barrels of oil.

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